Bitcoin first dropped, then rebounded after Federal Reserve Chair Kevin Warsh gave his first major speech and said he had ‘more work to do’ to fight inflation. The leading cryptocurrency was recently trading at $79,474 after falling as low as $78,630. Following the speech, traders priced in a 50% chance of a rate hike in September. Bitcoin was also supported by Treasury Secretary Scott Bessent’s announcement to double long-dated bond buybacks, as well as President Trump’s positive comments on the Clarity Act, legislation long called for by the crypto industry.
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